Swipe it! Credit card transactions up 3.4% in 1Q12

People continued to spend but at a slower pace compared to 2011 because of the unfavourable economic environment.

The total value of credit card transactions in the first quarter 2012 was $121.2 billion, up 3.4% on the previous quarter and 15% year-on-year, the Monetary Authority said.

The quarter saw 103.5 million credit-card transactions, down 2.2% on the previous quarter and up 8.4% year on year.

The total number of credit cards in circulation was 16.7 million, up 1.5% on the previous quarter and 7.3% year on year.

The total number of debit-card transactions in relation to retail sales and bill payments fell 1.1% to 28.6 million in the quarter, while the total value of those transactions increased 12.8% to $60.9 billion.

Compared to the same period in 2011, the total number increased 4.4% and the total value rose 12.3%.